Koio, the D2C luxury sneaker brand, raises $6 million
Koio, the high-end sneakers brand led by Chris Wichert and Johannes Quodt, has today raised an additional $6 million in Series A funding, bringing total Series A funding to $9 million. The round was led by Founders Fund, with participation from existing investors Acton Capital Partners and Brand Foundry, among others.
The direct-to-consumer product was started when Wichert and Quodt got sick of spending so much on their high-end leather sneakers.
Koio designs their shoes in-house, and does all its manufacturing in Italy in a factory shared with Chanel. The average shoes on Koio go for about $250.
The startup sells primarily through its own sales channels, either via its online channels or at its pop-ups/brick-and-mortar locations. Of all its direct sales, 60% come from the web with the remaining 40% coming from retail stores.
About 10% of overall sales come from partnerships with other retailers, including J.Crew’s Madewell and Nordstroms.
Part of Koio’s philosophy is to focus on the day-to-day life of its customers.
“We see in our community that the lines between professional life and personal life and all the other worlds you’re a part of are blurring with no clear delineation between the two,” said Quodt.
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